Business in brief [Archives:2007/1067/Business & Economy]

July 12 2007

– Yemen to join Arab Free Trade Area in 10 years

Secretary-General of the Arab Economic Union Council Dr. Ahmed Juali has announced that Yemen's application to join the Arab Free Trade Area was not accepted considering its economic underdevelopment, but it was given ten years in order to reassess the situation and potentially join the Arab Free Trade Area.

– Yemen & China sign 3 extractive cooperation agreements

China and Yemen has signed three cooperation agreements in the extractive industry of Yemen, two of these agreements focus on explorations for minerals and metals in Abyan and Taiz governorates, while the third agreement includes a grant to the Geological Surveying Authority in the form of XRD and XRF machines among other technical equipment worth US$ 400,000.

– Executive Director of YemenMobile investigated

The disciplinary board of YemenMobile is currently investigating corruption allegations against the Executive Director and another 4 high-ranking employees in the company, the allegation included serious violations and corruption in issuing tenders, bulk purchases, and recruitment of large number of unqualified relatives in the company.

– Ministry of Trade accuses retailers of hiking Cement price

The Ministry of Trade has filed criminal charges against a Cement retailer in Sana'a, or selling Cement packets at a premium of 60 percent compared to the maximum retail price, the ministry has accused the retailer of taking advantage of the high demand for cement in turn hiking the price exceeding the allowed limit.

– Al-Amal micro financing bank established

An Agreement to establish Al-Amal micro financing bank was signed between the Yemeni government, International Investors and the local privet sector last week. Newly assigned Chairman of the Bank Mr. Omar BaJarsh stated that the Bank's mission is a humanitarian one that aims at the development of the most deprived segments of the society.

– Hyundai Inaugurates Showroom and Service Center

Hyundai's agents in Yemen, Natco, has inaugurated Hyundai's showroom and service center last week in Yemen, with the presences of Hyundai Motor Corporation's CEO, the service center was described as the largest and most comprehensive service center in the country.

– Al-Asbahi calls on NGOs to fight corruption

Member of the Anti-Corruption committee Iz Al-Din Al-Asbahi has called on the civil society and Non-Governmental Organizations to help the Anti-Corruption committee and play their watchdog roles to detect cases of corruption and support the mission and success of the committee.

– Yemen & Malaysia discuss Islamic Banking Cooperation

Governor of the Central Bank of Yemen has discussed with the Malaysian Ambassador to Yemen Datu AbdulSamad Uthman cooperation the in the field of Islamic Banking and also the possibility of issuing the Islamic Golden Dinar, as well as the bilateral economic interests of the two countries

– DNO announces new oil exploration activities

Norway's DNO and its partners TransGlobe has announced new oil exploration and production activities in Al-Masela Basin near Sayun, most of recent of which is jawadah (7) oil well, with a daily production of 438 bdp, in addition to Naizawah (1) which produces 200 bpd.

– LULU Hypermarket expands to Sana'a

MK Corporation and LINE Investment company has signed an agreement to establish a huge retail and entertainment center in Dhaher Himyar area in Sana'a. The intitial capital investment exceeds 150 million dollars and the construction of the project is likely to start before the end of 2007.